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Form 16B is a certificate is for tax deducted at source on the sale of Immovable Properties as mentioned under section 3 of the Income Tax Act. Sec 194IA is applicable on the sale of immovable property @ 1% if the sale consideration of the property is more than or equal to Rs 50 lakhs.
TDS should be paid by the purchaser/buyer of the property at the time of making payment. At the time of making payment, the buyer has to file Form 26QB on the TIN NSDL website with all the details regarding the transaction and TDS on a property. After depositing the TDS, Form 16B has to issue to the seller of the property in respect of the TDS deducted and deposited with the government.
Time limit for downloading Form 16B is within 5 days from filing Form 26QB on the TRACES portal. Form 16B is very important for the seller because if in case the actual amount of TDS deducted and as reflected in Form 16B differs from the TDS reflected in Form 26 AS then the taxpayer will not be eligible to claim the amount of actual TDS.
Form 16B can be downloaded in the following steps:
1- Registration on TRACES portal as a taxpayer
If the buyer is new to the TRACES portal he has to first register himself on the TRACES by using the PAN portal as a taxpayer.
2- Login on the TRACES Portal
Buyers can log in on the portal after getting registered on the TRACES portal. On clicking on the login you will see two options, and you have to select login as a taxpayer. You will be asked to enter User ID, Password, and PAN.
3- Select Form16B (for the buyer) under the downloads menu
Under the download menu you will see two options Requested Downloads and Form16 for a buyer, Click on Form 16B for a buyer.
4- Enter the details of the property transaction
Enter details related to the property transaction for which Form 16B is to be requested. Details like Assessment Year, Acknowledgment Number, PAN of Seller and click on "Proceed"
5- Submit Request to download Form
A confirmation screen will appear. Confirm all the details appearing on the screen, if required update the details on the profile by clicking on cancel. Or else click on “Submit Request” to proceed ahead
6- Need to note the request number
On the submission of download requests, a success message will appear. Note the request number to search.
7- Click on "Requested Downloads" and download the requested files and search for the requested form.
Click on requested downloads to download Form 16B. Form 16B can either search by entering the request number or by entering the requested date.
8- Select the requested row and then click on the "HTTP download" button.
A list of forms depending upon the criteria you chose to search Form 16B Download Form 16B.
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01 Mar
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